On 1st July 2024, the new Growth Guarantee Scheme was officially launched in Northern Ireland, replacing the Recovery Loan Scheme. The Recovery Loan Scheme was originally introduced in 2022 to support small businesses across the UK and Ireland during the pandemic. In the Spring 2024 Budget, the Chancellor announced that the Recovery Loan Scheme would be extended until 2026 with a new name – the Growth Guarantee Scheme.

What is the Growth Guarantee Scheme?
The Growth Guarantee Scheme offers a unique opportunity to access affordable finance with the support of a government guarantee. The government guarantees 70% of lending to each eligible business.
Whether you are looking to expand your operations, invest in new equipment, hire additional staff, or explore new markets, this scheme provides the financial boost you need to achieve your goals.

Key Features of the Growth Guarantee Scheme
1. Up to £2million per business group: Staying the same as the Recovery Loan Scheme, business in Great Britain can borrow up to a maximum of £2million and the maximum is still £1million for those inside the scope of the Northern Ireland protocol.

2. Eligible businesses include: Sole traders, limited partnerships, Corporations, Co-operatives and community benefit societies and any other legal entities carrying out business activity in the UK, with businesses activity operating through a business account.

3. Multiple finance options available: Recipients of the Growth Loan Scheme can access all types of borrowing i.e., overdrafts, invoice finance and asset finance.

4. Government Guarantee: The loans are backed by a government guarantee, reducing the risk for lenders, and making it easier for businesses to secure finance.

Eligibility Criteria

To be eligible for the Growth Loan Scheme, your business must:
• Have a maximum turnover of £45 million
• Have been carrying out trading activity in the UK for a minimum of two years
• Be generating more than 50% of turnover from trading activity i.e., the sales of goods or services
• Have the intention of using the lending for a business purpose

Get Started Today

If you are interested in learning more about the Growth Loan Scheme and how it can benefit your business, don’t hesitate to get in touch.
Contact Johnston Financial Solutions today to schedule your initial free consultation and take the first step towards unlocking your business’s full potential with the Growth Loan Scheme.